Asian Development Bank to give $2.2 billion relief package to India

The announcement comes after he spoke to Indian Finance Minister Nirmala Sitharaman.

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April 10, 2020, 15:56 IST

The latest announcement of providing $2.2 billion comes after the ADB announced an initial package of approximately $6.5 billion to address the immediate needs of its member countriesNew Delhi: Asian Development Bank (ADB) will give a $2.2 billion relief package to India, announced Masatsugu Asakawa, President of ADB, on Friday. The announcement comes after he spoke to Indian Finance Minister Nirmala Sitharaman.

Commenting on this, Asakawa said, “ADB is committed to supporting India’s emergency needs. We are now preparing $2.2 billion in immediate assistance to the health sector and to help alleviate the economic impact of the pandemic on the poor; informal workers; micro, small, and medium-sized enterprises; and the financial sector.”

Asakawa also said, “ADB assistance for India will be further increased if needed. We will consider all financing options available with us to meet India’s needs, including emergency assistance, policy-based loans, and budget support to facilitate swift disbursement of ADB funds.”

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He commended the Indian government's decision to announce the economic relief package of $23 billion. The relief package was announced on March 26 by Finance Minister Nirmala Sitharaman to mitigate the coronavirus outbreak's impact on the Indian economy.

The latest announcement of providing $2.2 billion comes after the ADB announced an initial package of approximately $6.5 billion to address the immediate needs of its member countries, which include India as well.

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